The sales volume for the last 7 years is given below by quarter in the following table:
|
Year |
Sales by Quarter |
|||
|
Q1 |
Q2 |
Q3 |
Q4 |
|
|
2013 |
289 |
410 |
301 |
213 |
|
2014 |
212 |
371 |
374 |
333 |
|
2015 |
293 |
441 |
411 |
363 |
|
2016 |
324 |
462 |
379 |
301 |
|
2017 |
347 |
520 |
540 |
521 |
|
2018 |
381 |
594 |
573 |
504 |
|
2019 |
444 |
592 |
571 |
507 |
Determine the values for the typical seasonal indexes and use them to obtain an estimate of demand for each quarter in 2020? Show all of your work.
In: Operations Management
Advertising expenditures and sales for the last 5 quarters have been as follows:
| Quarter | Advertising expenditures | Sales |
|---|---|---|
| 1 | 1 | 4 |
| 2 | 1 | 5 |
| 3 | 2 | 6 |
| 4 | 2 | 7 |
| 5 | 4 | 8 |
In quarter 3, a new product was introduced that would influence sales in quarter 3. 4 and 5. The following model is established:
y=β1x1+β2x2+ ε
where y=sales, x1=advertising expenditures, x2 is a variable that is 1 when the new product is available and 0 otherwise, and ε is an error component. Find the least squares estimate of β1.
In: Math
GoWay manufacturers and sells a portable battery-powered transportation device that can be stored in
a backpack. The device usually sells for $5,000 per unit. The company normally sells units as quickly as
manufactured and does not maintain a finished goods inventory. However, during the most recent year, the company produced 10,000 units, but only sold 9,000.
A military customer has requested to buy the other 1,000 units for delivery on December 31 of the year current year. The offered price is $3,900 per unit for all 1,000 units. Below are absorption-costing based calculations of ending inventory and net income, based on the 9,000 units already sold.
|
Variable manufacturing costs ($3,000 X 10,000) |
$30,000,000 |
|
Fixed manufacturing costs |
12,000,000 |
|
Cost of goods manufactured |
$42,000,000 |
|
Cost of goods sold ($42,000,000 X (9,000/10,000)) |
37,800,000 |
|
Ending inventory ($42,000,000 X (1,000/10,000)) |
$4,200,000 |
|
Sales (9,000 X $5,000) |
$45,000,000 |
|
Cost of goods sold |
37,800,000 |
|
Gross profit |
7,200,000 |
|
Variable SG&A (9,000 X $100) |
$900,000 |
|
Fixed SG&A |
5,800,000 |
|
Net income |
$500,000 |
In: Accounting
What are the four processes through which evolution occurs? First, define evolution. Next, outline each of the four processes. Which mechanism is the most powerful? Which is the only one by which new genetic material comes into existence?
In: Biology
Job Interviews: In a Harris poll of 514 human resource professionals, 463 human resource professionals said the appearance of a job applicant is the most important for a good first impression. Use a 95% confidence level to construct a population percentage.
In: Statistics and Probability
Variable Costing Income Statement
On April 30, the end of the first month of operations, Joplin Company prepared the following income statement, based on the absorption costing concept:
| Joplin Company Absorption Costing Income Statement For the Month Ended April 30 |
||||
| Sales (3,400 units) | $129,200 | |||
| Cost of goods sold: | ||||
| Cost of goods manufactured (4,000 units) | $108,000 | |||
| Inventory, April 30 (600 units) | (16,200) | |||
| Total cost of goods sold | (91,800) | |||
| Gross profit | $37,400 | |||
| Selling and administrative expenses | (22,810) | |||
| Operating income | $14,590 | |||
If the fixed manufacturing costs were $28,080 and the fixed selling and administrative expenses were $11,170, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars.
| Joplin Company | ||
| Variable Costing Income Statement | ||
| For the Month Ended April 30 | ||
| $ | ||
| Variable cost of goods sold: | ||
| $ | ||
| $ | ||
| $ | ||
| Fixed costs: | ||
| $ | ||
| $ | ||
In: Accounting
Concord Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations:
| Date | Explanation | Units | Unit Cost | Total Cost | Balance in Units | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Aug. | 2 | Purchases | 237 | $73 | $17,301 | 237 | ||||||
| 3 | Purchases | 475 | 97 | 46,075 | 712 | |||||||
| 10 | Sales | (300 | ) | 412 | ||||||||
| 15 | Purchases | 894 | 122 | 109,068 | 1,306 | |||||||
| 25 | Sales | (330 | ) | 976 |
Calculate the cost of goods sold and ending inventory using the FIFO cost method.
| Cost of goods sold | $enter a dollar amount |
|---|---|
| Ending inventory | $enter a dollar amount |
Calculate the cost of goods sold and ending inventory using the average cost method. (Round average cost per unit and final answers to 2 decimal places, e.g. 1.25.)
| Cost of goods sold | $enter a dollar amount |
|---|---|
| Ending inventory | $enter a dollar amount |
In: Accounting
Consider the following time series data.
| Quarter | Year 1 | Year 2 | Year 3 |
| 1 | 3 | 6 | 7 |
| 2 | 4 | 1 | 8 |
| 3 | 1 | 7 | 5 |
| 4 | 5 | 7 | 8 |
a. Which of the following is a time series plot?
- Select your answer -time series plot #1time series plot #2time series plot #3Item 1
What type of pattern exists in the data?
- Select your answer -upward linear trendnonlinear trend and a seasonal patternlinear trend and a seasonal patternslight curvaturedownward linear trendItem 2
b. Show the four-quarter and centered moving average values for this time series (to 3 decimals if necessary).
| Year | Quarter | Time Series Value | Four-Quarter Moving Average | Centered Moving Average |
| 1 | 1 | 3 | ||
| 2 | 4 | |||
| _________ | ||||
| 3 | 1 | _____ | ||
| __________ | ||||
| 4 | 5 | _________ | ||
| __________ | ||||
| 2 | 1 | 6 | ______ | |
| ________ | ||||
| 2 | 1 | _______ | ||
| ______ | ||||
| 3 | 7 | _______ | ||
| ________ | ||||
| 4 | 7 | ________ | ||
| ________ | ||||
| 3 | 1 | 7 | __________ | |
| ________ | ||||
| 2 | 8 | ________ | ||
| ________ | ||||
| 3 | 5 | |||
| 4 | 8 |
c. Compute seasonal indexes and adjusted seasonal indexes for the four quarters (to 3 decimals).
| Quarter | Seasonal Index |
Adjusted Seasonal Index |
| 1 | ||
| 2 | ||
| 3 | ||
| 4 | ||
| Total |
In: Statistics and Probability
Consider the following time series:
| Quarter | Year 1 | Year 2 | Year 3 |
| 1 | 69 | 66 | 60 |
| 2 | 45 | 37 | 47 |
| 3 | 55 | 57 | 50 |
| 4 | 83 | 86 | 77 |
| (a) | Choose a time series plot. | |||||||||||||||
|
||||||||||||||||
| - Select your answer -Graph (i)Graph (ii)Graph (iii)Graph (iv)Item 1 | ||||||||||||||||
| What type of pattern exists in the data? Is there an indication of a seasonal pattern? | ||||||||||||||||
| - Select your answer -Positive trend pattern, no seasonalityHorizontal pattern, no seasonalityNegative trend pattern, no seasonalityPositive trend pattern, with seasonalityHorizontal pattern, with seasonalityItem 2 | ||||||||||||||||
| (b) | Use a multiple linear regression model with dummy variables as follows to develop an equation to account for seasonal effects in the data: Qtr1 = 1 if quarter 1, 0 otherwise; Qtr2 = 1 if quarter 2, 0 otherwise; Qtr3 = 1 if quarter 3, 0 otherwise. For subtractive or negative numbers use a minus sign even if there is a + sign before the blank. (Example: -300) | |||||||||||||||
| ŷ = + Qtr1 + Qtr2 + Qtr3 | ||||||||||||||||
| (c) | Compute the quarterly forecasts for next year. | |||||||||||||||
|
In: Statistics and Probability
The Alpine House, Inc., is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31:
| Amount | ||
| Sales | $ | 1,148,000 |
| Selling price per pair of skis | $ | 410 |
| Variable selling expense per pair of skis | $ | 47 |
| Variable administrative expense per pair of skis | $ | 16 |
| Total fixed selling expense | $ | 155,000 |
| Total fixed administrative expense | $ | 115,000 |
| Beginning merchandise inventory | $ | 70,000 |
| Ending merchandise inventory | $ | 105,000 |
| Merchandise purchases | $ | 300,000 |
Required:
1. Prepare a traditional income statement for the quarter ended March 31.
2. Prepare a contribution format income statement for the quarter ended March 31.
3. What was the contribution margin per unit?
Prepare a traditional income statement for the quarter ended March 31.
|
||||||||||||||||||||||||||||||||||
Prepare a contribution format income statement for the quarter ended March 31.
|
||||||||||||||||||||||||||||||||||||||||||||||||
What was the contribution margin per unit? (Round your final answer to nearest whole dollar.)
|
In: Accounting